Bitcoin Surges Past $80,000 as Bond Market Calming Fuels Crypto Momentum

The price of Bitcoin has risen above $80,000, hitting a three-month high on Tuesday. This surge follows US Treasury Secretary Scott Bessent's efforts to calm the bond market, which have revived momentum in the crypto sector.

Bessent's moves have created a supportive macro backdrop for assets like Bitcoin and gold, according to Tim Sun, senior researcher at HashKey Group. Gold has also benefited from the US dollar weakness, reaching a three-month high.

The Treasury announcement has led to increased chatter around the 'debasement trade', where investors scramble into physical and digital assets due to fears of debasement. This has prompted buyers to move into Bitcoin, with some predicting a potential price target of $95,000 to $100,000 if the price breaks above the current level.